Dear Michael P. and Other PEN-Lers:
I was living in Texas during the beginning of the S L crisis and can
recall someone who was a minor candidate for governor just before he went
to jail for an S L related crime. I am certain that Charles Keating was
not the only one.
I, too, am in a TRUE
At 03:10 PM 4/11/97 -0700, you wrote:
In its never ending quest for justice our local district attorney's
office is prosecuting welfare fraud with all the strictness it can
muster. Some local activists asked for data on SL bandits penalties,
so that they can make a comparison of jail sentences.
besides the obvious political advantages of using the geometric-mean CPI
(lowering the budget deficit), is there any _theoretical_ reason why it is
superior to the old arithmetic-mean CPI?
I am not impressed by the substitution effect story. If higher prices of
beef drive me to eat chicken
Further on the Bre-X saga, apparently CBC newsworld is producing a show on
conspiracy theories related to Bre-X (see fwd message, below).
A few facts emerge:
1. The Wall Street Journal reports that the Suharto regime has replaced a
top mining official but denies that it has anything to do with
I'm still not sure why the substitution effect _necessarily_
means the CPI grows faster then does the cost of living.
If 1) Purdue chicken costs MORE than Tyson chicken, and
2) Purdue chicken FALLS in price then
the substitution should be to the HIGHER priced good.
The relative price of
I use and highly recommend the Dollars and Sense special issues for
undergraduate teaching -- not just at the intro level. At a minimum
they provide progressive perspectives on topical issues. I do not think
it is a criticism of them to say they are NOT an alternative text, nor
do they provide
A friend has asked me about alternatives to the Gini coefficient. I
seem to remember a paper titled 'On the Measurement of Inequality', but I
can't find it in my files. Anyone have suggestions?
Roger
Roger, There's a new approach by Morris, Bernhardt Handcock in which
the statistical significance of changes in the extent of income
inequality is examined and any increased dispersion can be classified
into polarisation, downgrading or upgrading.
See Morris, M., Bernhardt, A.D., Handcock,
This is a point that most economists outside of pen-l will not be
able to understand (and perhaps this is why Dave Richardson recommends that
those fighting the CPI revisions should focus on sources of downward bias),
but there is no legitimate, logically consistent reason for
A friend has asked me about alternatives to the Gini coefficient. I
seem to remember a paper titled 'On the Measurement of Inequality', but I
can't find it in my files. Anyone have suggestions?
Suggest you investigate papers under the Luxembourg Income
Study. On the U.S. side, the
Can anyone tell me simply how the geometric mean CPI is calculated.
I know how the Laspeyres is computed but have not come accross
the geometric calculation.
Paul Phillips,
Economics,
University of Manitoba.
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NOTE: It has NOT been decided to use Geomeans in the index. On the
other hand, one of the high managers around here
In reply to my summarized comments concerning the respective merits of the
formal Walrasian and Sraffian systems (PEN-L 9373), Ajit writes:
As a matter of fact, Gil had made this claim during a debate with me more
than two years ago. Then Gil had promissed a response to my criticisms. If
Gil's
Rich Parkin writes: Incidentally, Jim, the subst. effects they claim to
be addressing are only within product classes (close substitutes) (Purdue v
Tyson?) rather than across them (chicken v beef), at least according to the
NY Times...
I stand (or rather, sit) corrected.
But if the geo-mean
Two widely used and reported measures are the quintile
and decile ratios. They are respectively the ratio of what
the top fifth or tenth of the distribution receives
(income, wealth, whatever) to the bottom fifth or tenth
receives. These numbers are fairly widely available for
many
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The reason that the substitution effect is always to make the index
too high is that the current Laspeyres CPI formula
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Jim Devine is concerned that the move to the geomean may be largely
political (see below).
The argument in favor of
Robert Naiman asks:
can anyone recommend references on local policy options to shield people from
the gentrifying effects of development and the efficacy of these policies, e.g.
rent control; protection from rising property taxes, etc.?
There is a lot of work being done that
Robert Naiman asks:
can anyone recommend references on local policy options to shield people from
the gentrifying effects of development and the efficacy of these policies, e.g.
rent control; protection from rising property taxes, etc.?
There is a lot of work being done that might
besides the obvious political advantages of using the geometric-mean CPI
(lowering the budget deficit), is there any _theoretical_ reason why it is
superior to the old arithmetic-mean CPI?
I am not impressed by the substitution effect story. If higher prices of
beef drive me to eat chicken
In its never ending quest for justice our local district attorney's
office is prosecuting welfare fraud with all the strictness it can
muster. Some local activists asked for data on SL bandits penalties,
so that they can make a comparison of jail sentences. Did anybody
besides Keating ever go
BLS DAILY REPORT, FRIDAY, APRIL 11, 1997
RELEASED TODAY: The Producer Price Index for Finished Goods declined
0.1 percent in March, seasonally adjusted. This followed decreases of
0.4 percent in February and 0.3 percent in January. Prices received
by domestic producers of intermediate
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